Homework on Finality - Questions

Blockchain and Bitcoin 101
#1348

  1. when a sell is made or a transfer happens, if it is approved it is final no questions asked.

  2. you do not have to worry if you are or are not going to receive what you pay for.

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#1349

  1. The transaction cannot be reversed or be undone.

  2. Since noone can reverse a transaction there is no trick for any party to reverse it.

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#1350

  1. A transaction canā€™t be undone.

  2. You can only trust yourself when doing a transaction, no 3rd party i is involved to give you your money back if you missclicked. That makes transaction between strangers possible, you can only trust the math behind the system.

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#1351
  1. When transaction are confirmed in the block they can not be taken back. Therefore all data in the blockchain is immutable.
  2. Since transactions are written into the blockchain there is no intermediate party that has to verify. Transaction are verified on the blockchain by the miners. No trust needed.
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#1352

  1. Finality/immutability in blockchain means that a transaction made in the blockchain network is permanent, that is, it cannot be erased or altered in any way.

  2. Finality in blockchain can be proven physically and mathematically via the protocol itself, thus removing the need of trust in any third party to verify and guarantee the authenticity and validity of transactions.

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#1353

  • What do we mean when we say that blockchain has transaction finality/immutability?
    Once the transaction has happened, it impossible to be reversed.

  • How does this lead to the trustless environment that blockchain creates?
    With the help of mining working 247, all transactions can be verify anytime anywhere and anyday. so theres no need to trust anyone

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#1354

Homework on Finality - Questions

What do we mean when we say that blockchain has transaction finality/immutability?
How does this lead to the trustless environment that blockchain creates?

  1. It means once the transaction is made, it is impossible to cancel.
  2. This led to trustless environment in blockchain because once any action is made, it is made. No one can alter or change it.
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#1355
  1. It means that when a transaction has been verified by all the computers in the network there is no way to reverse it.
  2. This leads to a trust-less environment because there is no way for anyone to reverse a transaction and try to scam the other person, it makes sure that everyone is serious about what they are sending, it is a be all end all system.
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#1356

  1. Blockchain has transaction finality/immutability due to the fact that transactions immediately become part of the block once validated in consensus by the network. Transactions can not be reversed and remain on public record for all future validation attempts.

  2. This leads to a trust-less environment due to all transactions requiring verification, become public forever and trust counter-party can not reverse transactions.

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#1357
  1. There is no way to reverse a transaction on the blockchain. It is physically impossible to reverse a transaction because of mining and Proof of Work.
  2. This leads to a trustless environment because we can verify transactions mathematically and the transaction cannot be reversed.
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#1358
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Blockchain transactions cannot be reversed or erased or changed. They are final. They are recorded in the ledger forever.
  2. How does this lead to the trustless environment that blockchain creates?
    A person dealing with another person does not have to worry that the other person would cheat them. Once the transaction is done, the buyer has proof that they have paid for the goods, the seller is not worried that the buyer would reverse the transaction after receiving the goods or deny that they have made the purchase (which happens a lot with credit card transaction online). And lastly the buyer is not worried to pay for something and not receive the item because he has proof that he has paid for it.
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#1359
  1. Once the transaction is done, it is recorded in the Ledger and no one can alter it.
  2. there is no way to alter transactions once approved there is no way to return it back.
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#1360

not changeableā€¦ Eveyrone sees traction and knows it happen.

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#1361

  1. transaction are final no returns and your trust the network instead of the party whom you are doing the transaction.

  2. This allows you to do business with anyone within the public ledger because it can always be traces and found.

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#1362

Once a transaction has happened on [the Bitcoin] blockchain, it is final. It cannot be reversed or changed.

The current method includes chargebacks. Chargebacks were borne due to having to trust someone that did not follow through with their end of the deal, and the third party who is receiving these complaints must act on it somehow and issue a chargeback. In a peer-to-peer transaction, a third party does not have to get in the middle of a transaction and no trust is involved.

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#1363

Yes thatā€™s what i was trying to say. Ā« You donā€™t have to look back Ā» to check if your transaction is being tampered with as long as miners keep up.

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#1364

  1. It means thatā€™s once a transaction is complex itā€™s final and there should no way to get it back.

  2. Because itā€™s not based on trust it is highly unlikely for the possibility of scam using this system.

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#1365

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    once is done it can not be undone cancelled or removed. No way to go back. It will be stored forever in the blockchain

  2. How does this lead to the trustless environment that blockchain creates?
    anybody knowing the network can accept the transaction knowing there is no way of cheating

1 Like
#1366
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    its a permanent record that canā€™t be reversed
  2. How does this lead to the trustless environment that blockchain creates?
    you donā€™t need to trust some stranger in a transaction, you can verify
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#1367
  1. Once a transaction has happened it cannot be reversed. It is mathematically impossible.
  2. We donā€™t trust a person or a website, we trust the network because everything is verified by mining and proof of work.
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